Artificial Intelligence (AI) is making significant strides in every profession, but particularly in the legal profession, where it is transforming the way tasks are carried out and raising critical legal questions. AI, which mimics human intelligence, is being used to perform tasks that require human intelligence such as recognizing speech and objects, making decisions based on data, and translating languages.
AI is already being used in legal tasks, and it is expected that within a few years, AI will be taking over a significant amount of work currently done by lawyers. For instance, AI-powered software is being used to carry out legal tasks such as document review during litigation and due diligence, analyzing contracts to determine if they meet pre-determined criteria, performing legal research, and predicting case outcomes.
One of the most significant impacts of AI in the legal profession is its ability to automate tasks. For example, JPMorgan uses an AI-powered program called COIN to interpret commercial loan agreements, a task that previously took 360,000 lawyer-hours can now be done in seconds.
However, AI is not without its limitations. It cannot yet replicate advocacy, negotiation, or structuring of complex deals. Tasks like advising clients, writing briefs, negotiating deals, and appearing in court are still beyond the reach of AI. And there is the issue of disinformation. A judge is fining a lawyer for depending on ChatGPT to write his briefs instead of critically analyzing the work.
The advent of AI in the legal profession is expected to significantly disrupt the legal market. It will impact the availability of legal sector jobs, the business models of many law firms, and how in-house counsel leverage technology. Despite the challenges, many law firms are trying to understand and use new legal technologies, including AI.
In conclusion, AI is poised to revolutionize the legal profession. As AI continues to evolve, it will become an indispensable tool in the legal profession, enhancing efficiency, accuracy, and productivity. Lawyers and law firms that adapt to this change will be better positioned to serve their clients and stay competitive in the market.